Executive overreach?

The government assuming more powers under companies law no substitute for beefing up the NCLT network

The Companies Act, 2013, has just been overhauled through an Ordinance. Not much attention has been paid so far to this major exercise, largely because the changes in the law were announced as part of a comprehensive relief package for the micro, small and medium enterprises (MSME) sector and, as a result, their significance was partially lost.

But what was the big hurry in issuing the Ordinance and announcing the MSME package? For quite some time, the government has been keen that the Reserve Bank of India (RBI) should allow easy bank credit access for the MSME sector. But the central